Hackers steal US$60m
Hackers stole US$60 million of digital coins from a Japanese exchange, the latest in a string of thefts that have kept many institutional investors wary of putting their money into cryptocurrencies. The theft of bitcoin, monacoin and bitcoin cash from Zaif, an exchange owned by Osaka-based Tech Bureau Corp, occurred last week and was disclosed yesterday by Tech Bureau in a statement. About ￥2.2 billion (US$19.6 million) of stolen coins belonged to the exchange and the rest was client money. Withdrawals and deposits were halted as Zaif rebuilds its system, with the exchange unable to say when they would resume.
PlayStation Classic coming
Sony Corp is rolling out a mini version of its original PlayStation game console, seeking to tap in to the retro craze and nostalgia of gamers who grew up with the iconic device. The new PlayStation Classic is to retail for US$99, while original consoles are on sale on EBay for about US$40 to US$60. Sony’s revamp comes pre-loaded with 20 games, including classic titles like Final Fantasy VII and Tekken 3. Sony is taking a page from the playbook of Nintendo Co, its Japanese rival and a master at reviving older systems. It is Sony’s first retro console offering and comes as its PlayStation 4 continues to dominate the gaming console market. The original PlayStation made its debut in Japan in December 1994. To date, Sony has sold about 82 million PS4s, gaming site VGChartz said.
Central bank raises key rate
The central bank yesterday raised its key interest rate for the first time in seven years, as the economy recovers from years of weak oil prices and the 2008 financial crisis. Norges Bank raised its key rate by 0.25 points to 0.75 percent and said a second hike was due again soon. “The executive board’s current assessment of the outlook and balance of risks suggests that the key policy rate will most likely be increased further in the first quarter of 2019,” Norges Bank Governor Oystein Olsen said in a statement. The rate has been at a record low since March 2016, following the effects of the 2008 financial crisis and plunging oil and gas prices. However, the economy has seen solid growth, thanks primarily to budget and monetary policies and the rising oil price. GDP grew 0.6 percent in the first quarter and 0.5 percent in the second.
Danske facing massive fine
The Danish government yesterday said that Danske Bank A/S is potentially facing a fine of up to 4 billion kroner, or about US$630 million, if found guilty for its role in one of Europe’s biggest money laundering scandals. The penalty would mark a Danish record for such cases, and does not take into account potential fines that might be levied elsewhere. Bloomberg Intelligence estimates Danske might have to pay more than 1 billion euros (US$1.2 billion) in total, while a Bloomberg News survey points to about US$800 million, about the same amount that Deutsche Bank AG and ING Groep NV paid for similar misdeeds. Speculation about a fine follows a series of stunning announcements by Danske on Wednesday, including the resignation of Thomas Borgen as CEO and the admission that as much as US$234 billion flowed through its tiny Estonian unit from 2007 to 2015. Danish Financial Services Authority head Jesper Berg yesterday told Danish broadcaster TV2 that the agency would revisit a case that it had put on ice earlier this year, but is reported to have attracted the attention of US authorities.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
Continental AG, which makes control units for Daimler AG cars, cannot pursue antitrust claims against a group of patent owners, including Qualcomm Inc, which are seeking royalties on telecommunications technology, a federal judge in Texas ruled. Avanci LLC, a licensing pool formed by Qualcomm, Nokia Oyj, Sharp Corp and other owners of patents on technology standards, is not breaching antitrust laws when it negotiates license agreements with automakers rather than the component makers, Barbara Lynn, chief district judge for the Northern District of Texas, said in dismissing the suit in a decision posted on Friday. The licensing group charges US$15 per vehicle
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s